On the use of generalised lambda distribution for solving a (Q,r) system

In this article the authors describe a procedure of Joint determination of Q and r in a continuous review (Q,r) policy usng the generalised type distribution (GLD) to represent the lead time demand. This procedure is compared in terms of Q and r with the Schmeiser Deutsch (S-D) distribution and with those under exact distribution such as normal, exponential and gamma. The numerical results reveal that the GLD Approximation is better than the S-D approximation and it is appropriate and convenient to use.